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BRICS member India is among the few countries that successfully launched a pilot basis of Central Bank Digital Currency (CBDC). The Reserve Bank of India (RBI) began testing the CBDC currency early this year for trade and common transactions. The RBI is testing the security aspects of digital currencies and conducting studies about their potential impact on the economy. Also Read: Trump Advancing to Fracture & Dismantle BRICS The launch of the CBDC could change the fortunes of BRICS member India, as it’s ahead of the curve in digital currencies. Out of the 198 countries in the world, 134 nations are currently working towards the formation of a CBDC currency. All the countries are currently in testing mode while only a few have reached the pilot testing phase. Also Read: 4 New Countries Show Interest To Join BRICS Alliance BRICS: India Gives Update on CBDC Currency Progress Source: Forbes / GettyImages Apart from the de-dollarization agenda, BRICS is also looking to topple the US...

The Indian rupee is weaker as the US dollar strengthens in the currency markets. The INR is close to falling to the 84 mark, as its price is currently hovering at 83.94. A new report suggests that the Reserve Bank of India (RBI) has intervened in the currency markets to keep the INR from crashing against the USD. Also Read: HBO Documentary Claims Peter Todd is Bitcoin creator Satoshi Nakamoto Market participants said on the condition of anonymity that the RBI has likely intervened via non-deliverable forwards (NDF). The RBI also leveraged the local spot and currency futures markets to keep the rupee from falling against the US dollar. All these moves from the RBI prevented the INR from dipping below the 84 level. Source: Bloomberg / Business Standard Research Traders believe the rupee might not fall below 84 against the USD in the short term as the RBI is actively monitoring the developments. The timely RBI interventions prevent the INR from further dips against the US dollar in the cu...